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Monday, July 14, 2014

Citigroup Inc. agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.

But is it enough? The Bloomberg article goes on to quote Eric Holder praising the agreement:

“The bank’s misconduct was egregious,” U.S. Attorney General Eric Holder said today at a press conference in Washington to discuss the Citigroup settlement. “The size and scope of this resolution goes beyond what could be considered the mere cost of doing business.”